iRhythm Technologies (NASDAQ:IRTC) Trading Up 2.6% After Analyst Upgrade

iRhythm Technologies, Inc. (NASDAQ:IRTC) shot up 2.6% during mid-day trading on Wednesday after Canaccord Genuity Group raised their price target on the stock from $122.00 to $137.00. Canaccord Genuity Group currently has a buy rating on the stock. iRhythm Technologies traded as high as $73.05 and last traded at $72.16. 45,397 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 438,503 shares. The stock had previously closed at $70.30.

A number of other brokerages have also issued reports on IRTC. JPMorgan Chase & Co. dropped their price objective on shares of iRhythm Technologies from $133.00 to $100.00 and set an “overweight” rating for the company in a report on Friday, August 2nd. Robert W. Baird lowered their price target on shares of iRhythm Technologies from $120.00 to $110.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Oppenheimer lowered their price target on shares of iRhythm Technologies from $165.00 to $145.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Truist Financial restated a “buy” rating and set a $117.00 price target (down previously from $134.00) on shares of iRhythm Technologies in a report on Friday, August 2nd. Finally, Wolfe Research upgraded shares of iRhythm Technologies from a “peer perform” rating to an “outperform” rating and set a $115.00 price target for the company in a report on Thursday, June 20th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $120.33.

Insider Transactions at iRhythm Technologies

In related news, EVP Mervin Smith sold 688 shares of iRhythm Technologies stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $51,366.08. Following the completion of the sale, the executive vice president now owns 10,360 shares of the company’s stock, valued at approximately $773,477.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP Mervin Smith sold 688 shares of iRhythm Technologies stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $74.66, for a total value of $51,366.08. Following the completion of the sale, the executive vice president now owns 10,360 shares of the company’s stock, valued at approximately $773,477.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CMO Minang Turakhia sold 1,404 shares of iRhythm Technologies stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $105.65, for a total transaction of $148,332.60. Following the completion of the sale, the chief marketing officer now directly owns 27,255 shares of the company’s stock, valued at approximately $2,879,490.75. The disclosure for this sale can be found here. Insiders sold a total of 6,476 shares of company stock valued at $521,081 in the last quarter. 0.68% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On iRhythm Technologies

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of iRhythm Technologies by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 2,993,443 shares of the company’s stock worth $320,418,000 after purchasing an additional 35,694 shares during the period. Capital Research Global Investors raised its stake in shares of iRhythm Technologies by 5.1% during the 4th quarter. Capital Research Global Investors now owns 2,495,626 shares of the company’s stock worth $267,132,000 after purchasing an additional 121,709 shares during the period. Mackenzie Financial Corp raised its stake in shares of iRhythm Technologies by 5.9% during the 2nd quarter. Mackenzie Financial Corp now owns 1,428,324 shares of the company’s stock worth $153,745,000 after purchasing an additional 80,091 shares during the period. Blair William & Co. IL raised its stake in shares of iRhythm Technologies by 3.5% during the 1st quarter. Blair William & Co. IL now owns 832,934 shares of the company’s stock worth $96,620,000 after purchasing an additional 27,842 shares during the period. Finally, Champlain Investment Partners LLC raised its stake in shares of iRhythm Technologies by 104.1% during the 1st quarter. Champlain Investment Partners LLC now owns 575,800 shares of the company’s stock worth $66,793,000 after purchasing an additional 293,710 shares during the period.

iRhythm Technologies Stock Up 3.3 %

The company has a market capitalization of $2.27 billion, a P/E ratio of -17.17 and a beta of 1.22. The company has a debt-to-equity ratio of 6.50, a quick ratio of 6.76 and a current ratio of 6.92. The stock has a 50 day moving average price of $75.85 and a 200 day moving average price of $93.14.

iRhythm Technologies (NASDAQ:IRTC) last released its earnings results on Thursday, August 1st. The company reported ($0.61) EPS for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.28. The company had revenue of $148.05 million for the quarter, compared to analysts’ expectations of $146.15 million. iRhythm Technologies had a negative return on equity of 84.14% and a negative net margin of 24.50%. The business’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.61) EPS. Equities research analysts forecast that iRhythm Technologies, Inc. will post -2.66 earnings per share for the current fiscal year.

About iRhythm Technologies

iRhythm Technologies, Inc, a digital healthcare company, engages in the design, development, and commercialization of device-based technology to provide ambulatory cardiac monitoring services to diagnose arrhythmias in the United States. It offers Zio services, an ambulatory monitoring solution, including long-term and short-term continuous monitoring and mobile cardiac telemetry monitoring services.